Cryptocurrency in Business Strategy – Event Highlights
There was a great turnout at the ‘How to Leverage Cryptocurrency in Your Business’ event held on 22 March, 2018.
Andy Ann, CEO of NDN Group, discussed several interesting topics. He touched upon the idea of streaming currency through blockchain in a way that would be similar to streaming music. Andy also explained the power of a decentralized network of currencies and how this could lead to individual people becoming their own banks. With his experience in ICOs, he made it clear that an ICO does not mean the company is necessarily a startup but rather a method for turning a business into a community that uses tokens to become more efficient, but he cautioned “If you pull out your tokens from the value chain and it [the value chain] keeps working, this is fraud.” Andy finished by provided the audience with the beautiful idea that is Project Moses, the development of a self-sustaining community that uses solar power to mine cryptocurrencies in return for fiat currency to supply living conditions above the universal basic income.
Sam Fok, Vice President of CoinSuper and Anti-money Laundering (AML) expert, detailed many of the necessary guidelines that go into setting up a cryptocurrency for it to successfully enter an exchange. He made it clear that a virtual commodity is not legal tender, and that many countries are trying to develop some sort of guidelines for securing cryptocurrencies, making it safe for people to use. Right now, Know Your Customer (KYC) and AML techniques are the driving force behind this safety. To use the CoinSuper exchange platform, people must take a selfie with their photo ID, which is more secure than a bank. He made a very good point, though, that if governments regulate too much, the innovation that can come from cryptocurrencies will be hindered.
Yoloanda Zhong, Head of Marketing at CoinSuper, used the CoinSuper platform to explain how users can easily exchange their cryptocurrencies. In the case of CoinSuper, they’re currently accepting USD through both wire transfers and linked bank cards to support customer exchanges. Many of the audience members were quite interested in learning more about how CoinSuper operates, their policies and even relationships with banks.
The event was quite the success and both NDNX and CoinSuper look forward to continuing the cryptocurrency educational events.